Azerbaijan, Russia mull expansion of economic relations

As part of a working visit to Russia, Azerbaijan’s Minister of Economy Mikayil Jabbarov discussed issues of expanding economic relations between the two countries.

Minister Jabbarov held meetings with Russian Deputy Prime Minister – Minister of Industry and Trade Denis Manturov, Minister of Economic Development Maksim Reshetnikov, Head of the Central Bank of Russia Elvira Nabiullina, as well as with heads of a number of companies and commercial structures of the Russian Federation, the Ministry of Economy told Caliber.Az.

During the meetings, it was emphasized that economic cooperation between the two countries is expanding due to the great importance Azerbaijan and Russia attach to the development of bilateral ties. Russia is one of Azerbaijan's key trade partners and ranks first in the import of Azerbaijani non-oil products. Prospects for increasing dynamics in trade, transportation, industry, machine building, shipbuilding, pharmaceuticals, innovations, application of solutions based on artificial intelligence, finance and other spheres were discussed at the meetings, which focused on the issues on the agenda of development of Azerbaijani-Russian economic ties.

Measures to develop the non-oil industry of Azerbaijan, benefits and incentives offered to entrepreneurs in industrial zones, opportunities for the realization of joint projects were also highlighted at the meetings. The sides also discussed the improvement of mechanisms to promote cooperation and issues of mutual interest.